Tips for anyone who wants to be a day trader

Stocks are hot and have been the place for investors to be for the past five years. Of course there’s a correction coming but until then, if you’re one of the thousands who dreams of playing this game on a daily basis–and wants to be a day trader—-here are some tips worth remembering.

But before going there, some cautionary thoughts on day trading from muah.

When it comes to day trading, it seems to me that the only people making a bundle on any consistent basis are the ” How to” folks who run the classes, seminars and programs selling people on how to become a day trader. While the programs can cost thousands of dollars, I doubt few graduates ever wind up covering the cost of that education. Or, make any any significant money going forward.

So, even though there are an estimated 7.5 million people who trade online (that represents people who have and use online trading accounts), one source reports that bona fide day traders only amount to about 10,000. I would have guessed a higher figure, but …

Anyhow, James Altucher is a guy who made a fortune day trading, written books and recently wrote a piece recently titled “11 or 12 Things I learned About Life from Day trading Millions of Dollars.”

It’s full of teachable moments. One poignant one: “Day trading is the best job in the world on the days you make money. You make a trade, then maybe 20 minutes later you are out of the trade with a profit, and for the rest of the day you think about how much money you made,” writes Altucher. ”It’s the worst job in the world on a bad day. I would make a trade, it would go against me, and then I wanted my heart to stop so my blood would stop thumping so loudly.”

Sounds a lot like “the thrill of victory and agony of defeat” doesn’t it.

While there’s an alphabetical list of lessons in his story, each with clarification, here are four that might get you to read the piece in its entirety: A) You can’t predict the future. Everyone thinks they can. But they can’t; B) Hope is not a strategy; C) Uncertainty is your best friend; and K)It’s never about the money.

You’ll find, “11 Or 12 Things I Learned About Life From Day Trading Millions Of Dollars” by James Altucher at: http://tinyurl.com/ocjrv2h